Vikram Solar
CMP : ₹ 425 -2.3 % 1 M
Vikram Solar
CMP : ₹ 425 -2.3 %As of April 01, 2025, Vikram Solar share price is INR 425.00 per share and the face value is INR 10.00 per share. The lot size of Vikram Solar is 100 shares. The 52 week high for Vikram Solar is INR 495.00, while the 52 week low is INR 185.00
About Vikram Solar
A Comprehensive Overview of Price & Journey
Understanding Vikram Solar Inception and Growth
Overview
Vikram Solar Limited was established in 2006. The company specializes in solar energy solutions, including manufacturing solar photovoltaic (PV) modules, engineering, procurement, and construction (EPC) services, and operations and maintenance (O&M) services. It is now the largest domestic PV module manufacturer and integrated solar energy solutions provider. Vikram Solar share price trends are keenly tracked by investors, indicating the company's performance in the market.
The company has a strong global presence on six continents and is actively contributing to the development of the solar revolution. It produces high-efficiency monocrystalline and polycrystalline silicon photovoltaic modules. Vikram Solar's IPO information has attracted industry attention in the renewable energy market as the company keeps growing.
The Company was established to support India's ambitions in the field of renewable energy. Vikram Solar toiled for the creation of a more resilient and sustainable planet for future generations even before the country became vocal for local manufacturing. Investors looking at Vikram Solar's unlisted share price track its market potential before its public listing.
Vikram Solar Limited has a manufacturing facility in Falta Special Economic Zone (FSEZ) in West Bengal with an installed capacity of 1.2 GW solar PV modules. It has recently set up another manufacturing plant in Chennai with 1 GW of capacity. The company operates and sells power from a 10-MW solar power plant, which has a long-term power purchase agreement with the Tirupati temple. Those tracking the Vikram Solar share price NSE and the Vikram Solar share price BSE keep a keen eye on the company’s financial performance and growth trajectory.
Vision
To become one of the most valuable solar companies delivering benchmark sustainable energy solutions worldwide.
Mission
Deliver reliable solar solutions through world-class technology and innovation.
Vikram Solar's Journey
2006: Incorporation Vikram Solar begins its journey towards revolutionizing India’s solar energy landscape.
2011: Early Milestone Installed a 3 MW project under the National Solar Mission of India.
2013: Landmark Achievement Contributed to the solarisation of the first fully solarised airport in India – Cochin International Airport, Kerala.
2014: Recognition and Innovation Ranked as India’s only Tier 1 module manufacturer and commissioned India’s first floating solar plant
2015: Scaling Production Reached a production capacity of 500 MW/year, ticking the substantial growth and commitment promise
2017: Industry Leadership Achieved a significant milestone by reaching a production capacity of 1 GW/year and giving the statement about its position as a leader in the Indian solar industry.
2019: Expansion and Impact Commissioned a 200 MW plant in Andhra Pradesh and East India’s largest single shed rooftop project, totalling 2.15 MW, contributing to both utility-scale and distributed solar energy generation.
2021: Scaling New Heights Reached a production capacity of 2.5 GW, firmly establishing itself as one of India’s largest solar module manufacturers, driving the nation’s transition towards clean and sustainable energy sources.
2022: Recognised as the Top Performer in the PVEL PV Reliability Scorecard — the only Indian manufacturer to receive the honour for advanced technology in half-cut cell multi-busbar solar modules. Bagged a single 350 MW module supply order from the US
2023: The company reached manufacturing capacity to 3.5 GW per year
2024:
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Secured a strategic 250 MW module supply deal with Gujarat Industries Power Company Limited.
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Secured a 397.7 MW module supply contract for NTPC’s Gujarat Solar Project,
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Got 3.5 GW module production capacity listed in Bloomberg NEF Tier-1 global accreditation (Q4 FY 2023-24),
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Launched new TOPCon and heterojunction (HJT) PV modules
Customers of Vikram Solar
The company has served clients like NTPC, WBSDCL, GIPCL, BEL, BHEL, ISRO, IOCL, SBI, APGENCO, IMFA, Century Ply, KBL, Maruti Suzuki Klima, etc.
Manufacturing Units
Operational
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Falta SEZ, Kolkata West Bengal: Manufacturing facility of 2.2GW.
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Oragadam, Chennai, Tamil Nadu: Our manufacturing facility is located in Kancheepuram, with a capacity of 1.3GW, this facility aims to tap into the escalating demand within the solar energy sector, enhancing our dedication to sustainable progress.
Upcoming
Gangaikonda, Tamil Nadu: The Company’s upcoming 3 GW cell and 6 GW module manufacturing facility in Gangaikonda, Tamil Nadu, is set to significantly ramp up its capacity.
Manufacturing facility in the USA: The Company’s solar PV manufacturing facility in the USA is currently in the site selection stage. With this new manufacturing facility, it aims to leverage the increasing demand for renewable energy within the United States.
Board of Directors
Mr. Gyanesh Chaudhary, Chairman & Managing Director
Mr. Vikram Swarup, Independent Director
Ms. Ratnabali Kakkar, Independent Director
Mr. Subramanya Krishnappa, Independent Director
Mr. Ivan Saha, Whole Time Director & CEO
Mr. Krishna Kumar Maskara, Whole Time Director
Ms. Neha Agrawal, Whole Time Director
Products
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Hypersol: Hypersol is an n-type TOPCon Bifacial, M10, and G12 module, which is generally preferred for utility-scale projects with power output ranging from 415 to 715 Wp.
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Paradea: Paradea is a Bifacial glass-glass multi busbar module, which is generally preferred for utility scale projects with power output ranging from 395 to 680 Wp.
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Somera: These modules are preferred across all solar segment projects having land constraints, and It is Monofacial multi-busbar PV modules with power output ranging from 395 to 680 Wp.
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Prexos: Prexos is a PERC Bifacial Half Cut Cell and Glass-to-Transparent Back Sheet module, which is preferred for rooftop projects with different roofing materials with power output ranging from 395 to 565 Wp.
Dividend Details
No dividend was declared by the company for the year 2023-24.
IPO Details
In October 2024, Vikram Solar filed its Draft Red Herring Prospectus (DRHP) with market regulator Securities and Exchange Board of India (SEBI) for fund raising for a fresh issue of ₹1500 crore and Offer for Sale (OFS) up to 17.45 million shares by the promoter group. The face value of each equity share in the IPO is ₹10
Business Model
Solar PV Module Manufacturing: Vikram Solar manufactures high-efficiency solar modules using both monocrystalline and polycrystalline cell technology. Their products can be categorized based on the use of solar cell technology and cell size.
Solar EPC and Rooftop Solutions: Vikram Solar stands as one of India’s top five Engineering, Procurement, and Construction (EPC) players, leveraging over a decade of experience and a robust portfolio comprising more than 300 projects as of March 31, 2024. The company’s proficiency in executing EPC projects for solar plants is widely acknowledged, cementing its prominent position within the industry.
Operation and Maintenance Services: Over the years, Vikram Solar has established a sustainable O&M business division to provide customers with forward-integrated, full life cycle services. Its O&M services include repairs, ongoing maintenance, and complete operational solutions. These services are primarily offered for executed EPC projects as bundled value-add services. Vikram Solar provides these services across India and to clients in industries such as railways, airports, hospitals, defence, and automobiles.
Revenue Mix
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Around 97.34% of the revenue comes from PV modules, and the remaining 2.66% comes from EPC.
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The company earns 38.42% from domestic sales and 61.58% from international sales.
About Vikram Solar
IPO Details, Price movement
Vikram Solar Projects
India
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225 MW – bilhaur, Uttar Pradesh (2021)
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200 MW – Anatapuramu, Andhra Pradesh (2018)
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20MW – Ayodhya, Uttar Pradesh (2019)
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10 MW – Itrasi, Madhya Pradesh (2018)
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10 MW – Dahej Port, Gandhar, Hazira (2018)
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1461 kW Rooftop – Gujarat (2018)
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350 kW Rooftop – Cossipore (2018)
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100 kW Rooftop – Haryana (2018)
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130 MW – Rajasthan (2017)
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80 MW – Charanka, Gujarat (2017)
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20 MW – Karnataka (2017)
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10 MW – Tirupati, Andhra Pradesh (2017)
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100 kW Rooftop – Patna (2017)
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10 kW Floating Solar Plant – Kolkata (2015)
Abroad
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Vikram Solar supplied 4.3 MW of Modules for a solar farm in Ware, Massachusetts, United States.
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Vikram Solar Supplied 52.6 MW of Modules to Southern Current, United States.
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4.2 MW project commissioned in the US with Vikram Solar modules.
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A 312 kWp solar system was installed by Finnwind Oy with Vikram Solar modules at Helsinki-Vantaa Airport
Registered Office
The registered office of Vikram Solar Limited is in Kolkata, West Bengal, India
Competitors
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Waaree Energies Limited
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Tata Power Solar
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ACME Solar
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Adani Solar
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Solar Planet
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Decon Solar Solutions
Key Highlights
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The company increased its manufacturing capacity to 3.5 GW in FY 2023-24, targeting 4.5 GW by FY 2024-25 and 10.5 GW by FY 2025-26.
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They are eligible for key subsidies, including PLI for our 2.4 GW solar facility and TNGO, bolstering our growth and innovation prospects.
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The company is present across all segments, like utility-scale projects, C&I, residential, ground mount, rooftop, and floating solar projects.
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The total number of modules manufactured in FY 2023-24 is 16,11,104.
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3.5 GW FY 2023-24 Cumulative Manufacturing Capacity
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715 WP FY 2023-24 Module Rated Power
Performance Highlights
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Revenue from operations increased by 21.11% to 25,109.90 million in FY24.
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EBITDA showed a 114.08% increase by reaching 3,985.79 million in FY24.
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Profit After Tax (PAT) increased by 450.1% to 797.18 million in FY24.
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The company has recorded a total income of 25,239.62 million during the financial year 2023-24 compared to 20,919.11 million in the corresponding previous financial year.
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The revenue from sales of goods for the FY 2023-24 was Rs. 24,572.86 million in comparison to the previous year, FY 2022-2,3, in which the revenue from sales of goods was Rs. 19,457.86 million.
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The Company has achieved robust revenue growth, with total revenue amounting to 25,109.90 million, reflecting a 21.11 % increase compared to the preceding fiscal year.
Indian Renewable Energy Sector
The Indian renewable energy market reached US$ 22.0 billion in CY 2023 and is further projected to hit US$ 46.7 billion by CY 2032, showing a CAGR of 8.71%. This growth is primarily driven by rapid technological advancements in renewable energy technologies, rising concerns about climate change and the impacts of fossil fuels, and increasing demand for clean energy solutions.
India ranks fourth in renewable energy installed capacity globally. Over the last eight years, the country has developed around more than 4x of renewable energy capacity.
In FY 2023-24, India witnessed significant growth in renewable energy installations. During this period, approximately 15,033 MW of solar capacity and 3,253 MW of wind capacity were added, indicating significant increases of 17.6% and 42.9%, respectively, compared to the previous year.
As of March 2024, India’s latest renewable energy installed capacity reached 190.6 GW, reflecting the country’s ongoing commitment to advancing its renewable energy sector.
It stands as one of India’s largest solar energy solution providers with a substantial production capacity of solar photovoltaic modules. Harnessing these capabilities, the company is committed to solidifying its position as a key player in the solar energy sector.
Global Renewable Capacity Projections
In 2024, wind and solar PV together are expected to generate more electricity than hydropower
In 2025, renewables are poised to surpass coal to become the largest source of electricity generation
In 2026, both wind and solar PV individually is expected to exceed nuclear electricity generation
In 2028, renewable energy sources will account for over 42% of global electricity generation, with the share of wind and solar PV doubling to 25%
SHOW MORE...Fundamentals
Financials
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Revenue Growth
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Shareholding Pattern
2025
Name | Designation | Share % |
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Vikram Capital Management Private Limited | NA | 42.93% |
Hari Krishna Chaudhary Family Trust | NA | 28.20% |
Hari Krishna Chaudhary | NA | 5.31% |
Gyanesh Chaudhary | Chairman & MD | 5.02% |
Vikram Financial Services Limited | NA | 5.83% |
Others | NA | 12.71% |
Events
Frequently Asked Questions
Please find below the procedure for buying Vikram Solar/Pre-IPO shares at Bharat Invest.
- You confirm booking of Vikram Solar/Pre-IPO shares with us at a specified price.
- You have to provide your client master report along with PAN Card and Cancelled Cheque in case you are not transferring funds from the bank account as mentioned in the CMR Copy. These are KYC documents required as per SEBI regulations.
- We will provide our bank details.
- You need to transfer funds in the current account of bharat invest.
- No cash deposit is accepted
- Payment has to be done from the same account in which shares are to be credited.
- We ensure delivery of Vikram Solar within 24 hours.
- Incase of non-availability of shares, we refund the amount to the same bank account within 24 hours.
- For detailed discussion, you can contact us via any medium.
Please find below the procedure for selling Vikram Solar /Pre-IPO shares at Bharat Invest.
- We will confirm our buying price of Vikram Solar /Pre-IPO shares.
- We will give you our client master report and you will transfer the Vikram Solar Unlisted Shares/Pre-IPO shares to our demat account.
- We will transfer the funds in your bank account within 24 hours of receiving the Vikram Solar /Pre-IPO shares.
- All the transactions will be bank to bank.
- Payment will be given in the same account which is linked to demat account or you need to provide the cancelled cheque shows your name to verify.
- You can contact us through any medium for a detailed discussion.
The lockin period is of 6 months for pre-ipo investors i.e. they cannot sell their shares for 6 months after they get listed. However, they can definitely sell the shares in pre-ipo market before they get listed.
With BharatInvest, you can now invest in unlisted/pre-ipo shares with as low as 25-50k depending upon the share.
- 1. You can download the NSDL or CDSL application and login into the account and check whether the shares have been credited or not.
- 2. Credit of Unlisted Shares/Pre-IPO shares can be checked in brokers application as well but it takes T+2 days to show the shares.
- The value of share in unlisted space is determined in the same way as it is done in listed market. Demand and supply decide the price of any share. If the demand more than the supply, then the prices of the share increases and vice versa.
- When a new shares is introduces in the unlisted space, the value of the company is decided upon the last funding raised by company. If the company hasn’t raised any funding in the past, then the valuation is decided upon the fundamentals of the company.
All the transactions are done DEMAT to DEMAT. All the unlisted shares traded with us are available in demat accounts and are transferred to your demat within 24 hours of payment.
- We have social proof in the form of reviews and testimonials.
- We also provide an option of escrow services to our clients which ensures payment safety of the client.
A Public Unlisted Shares Is Not Listed on Stock Exchange, Where as a Listed Public Company Is Listed On Stock Exchange Such As BSE Or NSE For Trading Of Shares.
If you sell your shares within 2 years, then you will have to pay Short-term Capital gain on unlisted shares. Short-Term Capital Gain is added in your Income. So, as per individual tax slab you need to pay capital gain tax.
If you sell your shares after 2 years, then you will have to pay Long-term Capital gain on unlisted shares LTCG is 12.5% without indexation benefits.
After listing of shares, the unlisted shares which you have bought through unlisted market, will be taxed at listed rates, if sold through exchange. So, taxes of listed market will be applicable. And, to calculate holding time, for determining LTCG or STCG, the purchase date of unlisted shares will be applicable.
Absoluetly NOT! Grey market is all about speculation relation to open price, subscription rate etc. And does not include physical delivery of shares. Whereas in pre ipo market you get to invest in shares much before the ipo too and it involves physical delivery of shares. It is compeletly legal and does not include any such speculation.
Existing stakeholders, promoters or employees who have equity shares of an unlisted company and early investors who wish to get value of their investment.
1. Yes, investing in unlisted shares is undoubtedly legal in India. The trading takes place in the over-the-counter market.
- Yes, bharat invest is a trustable and reliable source to invest in Vikram Solar unlisted shares.